Press briefing of Cabinet Decision taken on 2017-07-11

Amendment of the Regulation of Insurance Industry Act, No.43 of 2000

- The Cabinet has granted approval in the year 2013 for the amendment of the Regulation of Insurance Industry Act, No.43 of 2000, and to make several amendments including the change of the name of the 'Insurance Board of Sri Lanka' to read as the 'Insurance Regulatory Commission of Sri Lanka'. The draft Bill prepared by the Legal Draftsman in this regard, has been further amended taking into consideration the recommendations of the Cabinet Sub -Committee on Legislation and the proposals made by the representatives of the Insurance Industry. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance and Mass Media, to publish the proposed amended Bill in the Government Gazette and present it in Parliament for approval, was approved by the Cabinet.